Blockchain technology has the potential to disrupt most aspects of modern life as people know it. Mass transit systems are just one of the options to explore. Swvl and Concordium join forces to explore opportunities in blockchain-based mobility solutions and new mass transit solutions.
Mass Transit Systems Need To Modernize
Given how society is evolving and the population is growing, there will be a strain on current transit systems. Solutions in use today may prove insufficient or inadequate for what future generations may need and expect. Swvl, Dubai-based mass transit and shared mobility solutions provider, acknowledges there is room to explore alternative solutions. Transforming the concept of mass transit will not come easy, but it may prove a necessity over the coming years.
Swvl focuses on building safer, more efficient, and more environmentally-friendly mobility solutions. However, this will not come at the cost of accessibility and affordability. Through the mobile application, customers can book rides on buses and vans to offer fixed and flexible routes. In addition, the variety of supported payment options make this app very popular in Dubai. Thus, convenience and efficiency can go hand-in-hand where mass transit is concerned.
With the help of Concordium, a leading blockchain company, Swvl will explore new opportunities for building a robust platform. That platform will enhance the mass transit travel experience for all customers and solve complex logistical challenges. In addition, going down this route allows Swvl to focus on smart, green mobility, and decarbonization, two crucial aspects of building an environmentally friendly mass transit solution.
The use of blockchain technology is essential in this market segment. Customers’ travel needs constantly shift and require real-time logging and identification accordingly. Moreover, the system can now feed this information into Swvl’s dynamic routing services for faster and cheaper trips. Blockchain also introduces an extra layer of interaction between service providers and their customers. Performance tracking, driver tracking, and increasing quality of service are just a few of the benefits.
Building The Future Of Mobility With Blockchain
The partnership with Concordium is a long-term play, as Swvl expects it to accelerate its long-term growth and expansion into 20 countries across five continents in the next few years. An ambitious goal, although there is a global demand for new and improved mass transit solutions. Blockchain technology can play an increasing role of importance in that regard. As the company has hopes to become the first $1bn+ unicorn from the Middle East to list on Nasdaq, there is a reason for excitement.
Concordium chief executive Lone Fonss Schroder states:
“Mass transit systems are inherently flawed, with inefficiencies that create significant barriers and cause daily commuting to be a struggle. Combining Concordium’s differentiated blockchain technology with Swvl’s cutting-edge mobility platform provides a seamless commuting experience that will change mass transit on a global scale.”
Swvl has a fully diluted equity value of close to $1.5 billion. Their semi-private alternative to public transportation for those without access to private options keeps turning many heads. Concordium’s Proof-of-Stake blockchain with a unique Identity layer at the protocol level is a good fit for what Swvl aims to achieve. Moreover, Concordium checks the right boxes for regulation, privacy, and identity management, which are crucial requirements for building the next generation of mass transit systems.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
